Two proprietors of emu firm arrested

Two proprietors of an emu firm, who were arrested here by the Economic Offences Wing personnel on Wednesday, were remanded to judicial custody by a Coimbatore court on Thursday.

Economic Offences Wing DSP R Mohan said, “N Jambukumar (38) of Salem Road, Namakkal and K Sampath (33) of Pattanam, Rasipuram, were arrested on Wednesday. After interrogations, they were

produced before the TANPIDA Special Court in Coimbatore on Thursday and subsequently remanded to judicial custody at the Coimbatore Central Prison.”

A case under Sections 406, 420 of Indian Penal Code (IPC) and 5 of Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) Act (TNPIDA) was booked against the proprietors based on a complaint lodged by one of the depositors, Kailasam of Tiruchengode. The complainant had alleged that the proprietors neither disbursed the promised incentives nor returned the amount of Rs 3 lakh, he had deposited with the firm.

Investigations revealed that the duo had swindled deposits to Rs 7 crore and had allegedly purchased properties.  Efforts were being made to identify and attach the properties.